Flood insurance needs a fix

Published: Saturday, March 16, 2013 at 10:28 p.m.

Last Modified: Saturday, March 16, 2013 at 10:28 p.m.

Flood insurance is part of life in south Louisiana.

All of us have it or should have it on our homes and businesses.

Unfortunately, the same risk factors that make flood insurance necessary make it impossible to purchase on the private market and could soon make it much more expensive to purchase through the federal government.

The National Flood Insurance Program could be in for some major changes that will affect many of our residents and businesses.

A congressional bill would do away with the premium discounts that are currently available to make the program affordable to more people at the highest risk of flooding.

Our region is in a tough position.

We know from history that our risk is great. We live in a place where storms can and do hit and a place where those storms can cause dramatic flooding over huge swaths of land. The combination of being so close to the open water of the Gulf, having such low-lying land and having such a flat landscape means we are particularly vulnerable.

In recent years, we have seen even normal weather events such as sustained winds cause flooding in some of our low-lying areas.

So no one needs to tell us how important it is to carry flood insurance.

But flood insurance is also part of the deal when we buy homes and businesses, required by mortgage companies to protect the investment they are helping us make.

An end to the federal help that makes coverage available to so many of us could have devastating consequences, now and in the future.

In the short term, it could make it much more difficult to secure flood coverage for homes and businesses, meaning that even those who own their homes and choose to go without coverage would likely find great difficulty in selling them.

In the long term, having fewer residents covered by flood insurance could lead to catastrophic losses.

At the same time, coastal residents have to understand that the current system of paying for federally backed flood insurance is untenable.

Because of recent payouts, the system is broke.

Coming up with the “fix” to the system that means it is out of reach for the very people who need it the most, though, is no solution at all.

Congress and the president have to work together on an issue that cuts across class, race and party affiliation.

Coastal residents — whether they are in south Louisiana or eastern New York State — have to be able to protect themselves from the risk of calamity.

Doing so is good for those people and good for the nation as a whole, which will have to help them anyway if they are left without insurance and the unthinkable happens.

Clearly, this has huge implications for our quality of life in the coming years and beyond. Our officials in Washington have to address it and come up with a real solution that will keep a necessity in place for the people who need it.

Editorials represent the opinions of the newspaper, not of any individual.

<p>Flood insurance is part of life in south Louisiana.</p><p>All of us have it or should have it on our homes and businesses.</p><p>Unfortunately, the same risk factors that make flood insurance necessary make it impossible to purchase on the private market and could soon make it much more expensive to purchase through the federal government.</p><p>The National Flood Insurance Program could be in for some major changes that will affect many of our residents and businesses.</p><p>A congressional bill would do away with the premium discounts that are currently available to make the program affordable to more people at the highest risk of flooding.</p><p>Our region is in a tough position.</p><p>We know from history that our risk is great. We live in a place where storms can and do hit and a place where those storms can cause dramatic flooding over huge swaths of land. The combination of being so close to the open water of the Gulf, having such low-lying land and having such a flat landscape means we are particularly vulnerable.</p><p>In recent years, we have seen even normal weather events such as sustained winds cause flooding in some of our low-lying areas.</p><p>So no one needs to tell us how important it is to carry flood insurance.</p><p>But flood insurance is also part of the deal when we buy homes and businesses, required by mortgage companies to protect the investment they are helping us make.</p><p>An end to the federal help that makes coverage available to so many of us could have devastating consequences, now and in the future.</p><p>In the short term, it could make it much more difficult to secure flood coverage for homes and businesses, meaning that even those who own their homes and choose to go without coverage would likely find great difficulty in selling them.</p><p>In the long term, having fewer residents covered by flood insurance could lead to catastrophic losses.</p><p>At the same time, coastal residents have to understand that the current system of paying for federally backed flood insurance is untenable.</p><p>Because of recent payouts, the system is broke.</p><p>Coming up with the “fix” to the system that means it is out of reach for the very people who need it the most, though, is no solution at all.</p><p>Congress and the president have to work together on an issue that cuts across class, race and party affiliation.</p><p>Coastal residents — whether they are in south Louisiana or eastern New York State — have to be able to protect themselves from the risk of calamity.</p><p>Doing so is good for those people and good for the nation as a whole, which will have to help them anyway if they are left without insurance and the unthinkable happens.</p><p>Clearly, this has huge implications for our quality of life in the coming years and beyond. Our officials in Washington have to address it and come up with a real solution that will keep a necessity in place for the people who need it.</p><p>Editorials represent the opinions of the newspaper, not of any individual.</p>